It is a common misconception that the Research & Development tax relief is only available to companies who are working in new technologies or have people in white coats working with test tubes. However this is not the case as the relief is available to any UK based company which spends money on being an innovator within any respective field.
How it works
Companies which invest in new or existing processes, products or services are able to claim additional tax relief. Based on a profitable company paying corporation tax at 20% this would result in a tax saving of 26p for every £1 on top of the “normal” 20p tax saving. This means that the Government is contributing 46p towards every £1 of your R&D expenditure.
Do I qualify?
There are no restrictions on which industries qualify for the relief meaning that any company in any sector can qualify. If you can answer “Yes” to either of the following two simple questions there is a good chance you will qualify for the relief;
- Are you spending money developing new products, processes or products or improving existing ones?
- Do you employ staff to work on projects which advance the knowledge or overcome uncertainties within your trade?
How we can help
We have a successful track record in helping companies put together R&D tax relief claims in all types of industry sectors including manufacturing, software development, retail and leisure.
We will take a hands on approach led by a Chartered Tax Adviser to ensure that all qualifying expenditure is included in the claim.
We will prepare a detailed report setting out for HMRC the R&D work undertaken by the company and quantifying the tax relief due and submit this to HMRC along with amended Tax Returns where necessary.
In the event that HMRC raise questions in relation to the claim we will answer these on behalf of the company.
All of our work is undertaken on a contingent fee basis meaning that if, after discussions it is concluded that the company does not qualify for R&D tax relief or, for whatever reason, HMRC do not accept the claim, we will not charge a fee.
Please get in touch on 0845 054 8560 for a no obligation meeting.